24 / 5 / 2017
The End of Financial Year can be a busy and stressful time for businesses. The process requires careful preparation in order to ensure everything goes smoothly and important documents are delivered and received on time.
Follow the 8 tips below to help you plan and navigate the challenges of the end of financial year.
1. Start Preparing and Planning Now
Planning now will help avoid any last minute issues that could affect your ability to meet your legal obligations.
You’ll also help to reduce your workload and the amount of stress over such a busy period.
2. Educate your StakeholdersAs an owner of the payroll function, you might be aware of how busy you are over EOFY but other stakeholders may not be aware of the work that you put in or the deadlines that you are legally obliged to meet.
Let other departments know that of your increase workload to help better plan and prepare between critical and non critical tasks (non-urgent work can wait until after End of Financial Year). If you require other departments to be involved in your processes, establish clear deadlines and requirements around what you require and when.
Don’t forget to let your employees know they are to receive their payment summaries by 14 July to avoid repeat follow ups leading up.
3. Don’t Order Your Payment Summaries Too EarlyWe aim to produce your Payment Summaries as soon as we receive you order.
This means that all payments must be in ePayroll and be correct at the time you make your order.
We won’t be able to reverse your Payment Summaries after they have been produced, meaning any errors will require manual amendments to the ATO.
4. Avoid Rushing Through the Ordering Process
The Payment Summary ordering process is simple and easy to follow, with basic instructions and information to assist you along the way.
It's important to read through the instructions carefully as we do make improvements to the Payment Summary ordering process every year, meaning last year's process may slightly differ to this year.
5. Check Your Reports Thoroughly
We provide you with several reports in the Payment Summary ordering process.
These reports will let you verify your employer details, employee details, and payment summary figures. You can reduce the likelihood of problems or delays by ensuring these figures are accurate and 100% correct.
By checking the reports, you can save a lot of time needing amend any Payment Summaries down the track.
6. Reconcile Your Reports
Your Month End Payroll Summary Report for June 2016 will show you the total payments for each paycode for the entire year.
Reconcile these figures back to your Payment Summary Reconciliation Report.
It’s important to check that these two reports reconcile, because your payment summary production will be delayed if they do not.
7. Avoid Late Payment Summary Orders
It does takes time to produce your Payment Summaries, particularly if your Month End Payroll Summary and Payment Summary Reconciliation reports don’t reconcile or if we experience other issues when preparing your Payment Summaries.
We recommend getting your order in as early as possible to ensure the fastest processing time and to avoid delays.
8. Help Us To Help You
We'll receive a significant increase in requests over the End of Financial Year period, particularly from 25 June to 15 July.
Our priority during this time will be preparing your Payment Summaries. Please advise the support team if you have non-urgent requests that are able to wait until after this period and they will be able to provide you with an estimated completion date.